The first increase was recorded after 3 consecutive weeks of declines
Merchants: The rise in gold prices did not affect the demand for handicrafts
The local gold markets witnessed mixed rates of improvement in the sales of handicrafts.
Photography: Ahmed Ardeti
Gold prices recorded increases, whose value ranged between dirhams and 1.25 dirhams per gram of various carats, at the end of last week, compared to their prices at the end of the previous week, according to the price indicators announced in Dubai and Sharjah.
Officials of gold and jewelry trade outlets told "Emirates Today" that the recent increases in the prices of the yellow metal did not affect the sales of handicrafts, which witnessed a remarkable turnout in the local markets, noting that these increases were limited, and came after three consecutive weeks of declines. price tag.
In detail, gold prices in the local markets witnessed increases of 1.25 dirhams per gram of various karats, at the end of last week.
According to the price indices announced in the Dubai and Sharjah markets, the price of a gram of 24-carat gold amounted to 207.25 dirhams, an increase of 1.25 dirhams, compared to its prices at the end of the previous week.
The price of a gram of 22 carat was 194.75 dirhams, an increase of 1.25 dirhams as well, while the price of a gram of 21 carats reached 185.75 dirhams, an increase of 1.25 dirhams.
The price of a gram of 18-carat gold reached 159.25 dirhams, with an increase of only one dirham.
For his part, said Ashok Poet, sales manager in the "Dahken Jewelery" store, that "the recent price increases recorded by gold, did not have a noticeable impact on the activity of demand for gold jewelry, which witnessed a boom in the markets."
He added that the markets witnessed varying rates of demand for bullion and gold coin sales, due to the fact that price increases are still limited compared to the declines recorded by gold during the previous three weeks.
In turn, the director of sales at the "Regi Jewelery", Mangesh Balikra, stated that the local gold markets witnessed varying rates of improvement in the demand for handicrafts.
He explained that the indicators of popularity in the demand for gold coins and jewelry at present, may be due to the fear of some dealers about the return of prices to record new heights at greater rates during the coming periods.
The director of the "Mashoom Jewelery" store, Raj Bahi, also confirmed that the recent price hikes for gold did not affect the sales of artifacts for several factors, most notably the fact that the price increases came with limited values, in addition to being the first rise after a series of successive declines.
He said that the return of dealers from annual holidays and the boom in tourism activity had positive effects on the momentum of demand in the markets, pointing out that some dealers prefer buying in a precautionary manner than prices go up at greater rates.
185.75
One dirham is the price of a gram of 21 carat gold.
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